GAFFNEY HALLIGAN & CO. SOLICITORS
Property
Gaffney Halligan & Co., offers a professional, efficient and friendly service to assist you with all your property needs.
Whether you are a First Time Buyer, trading up, investing in a rental property or purchasing commercial premises, Gaffney Halligan have the experience and expertise necessary to guide you through the process. We also provide remortgaging services.
Procedure in a Sale:
• Contact auctioneer. Put the property on the market. Find purchase and accept offer.
• Contact solicitor and have him or her take up the title documents to the property from the Bank or Building Society where they are held as security for the mortgage.
• Auctioneer sells the property and instructs the solicitor to prepare Contracts which are sent to the solicitor for the purchaser.
• Contracts signed by the purchaser in the presence of his solicitor and returned to the solicitor with a deposit.
• Vendor’s solicitor replies to standard queries raised by the purchaser’s solicitor, obtain details of the outstanding mortgage on the property and arranges a closing date.
• Sale is closed at a mutually convenient time and location. The monies are handed over to the vendor’s solicitor and he/she in turn pays off the existing outstanding mortgage on the property and pays over the balance to the client.
• The old mortgage is receipted and is furnished to the solicitor the purchaser.
Procedure in a Purchase:
• Purchaser pays booking deposit to auctioneer. This does not constitute a binding Contract. Client contacts solicitor, gives instructions.
• Solicitor examines and explains the loan terms to the purchaser and the purchaser accepts the loan and complies with the lending institutions requirements.
• Purchaser’s solicitor receives Contract, explains the Contract to the client and subject to being satisfied that the client has the necessary loan approval and is in a position to take up that loan will arrange for the purchaser to sign the Contract and return the signed Contract with a 10% deposit to the solicitor acting on behalf of the seller.
• Within ten days to two weeks the purchasers solicitor should receive a signed Contract signed by the Vendor and the parties are now said to have a binding agreement.
• The purchaser’s solicitor raises standard queries and forwards these to the sellers solicitor and on receipt of replies and on being satisfied with the documentation submits a request for the purchasers loan cheque to the purchasers lending institution.
• Request the loan cheque.
• The loan cheque issues, the transaction is completed at an agreed location, the purchaser signs the Mortgage documentation and is given the keys and access to the property. (Note the keys are not normally handed over until all purchase monies are paid in full.)
• Purchaser’s solicitor registers the purchaser as owner of the property in the Land Registry/Registry of Deeds and forwards the title documents to the purchasers lending institution with his certificate confirming that the purchaser has a good title to the property.